bankruptcy

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Obama: We Are 'Reluctant Shareholders'

(Newser) - President Obama heralded “the beginning of a new GM” today, explaining the administration’s plans for the bankrupt automaker. He also sought to reassure the public that he had “no interest” in running GM, despite the 60% stake the government will take in the company. “We are...

Bracing for 'Obama Motors'
 Bracing for 'Obama Motors' 
OPINION Roundup
Jun 1, 2009 10:59 AM CDT

Bracing for 'Obama Motors'

(Newser) - GM’s bankruptcy and semi-nationalization has everyone talking. Here’s what the papers are saying:
  • “Welcome to Obama Motors, and what is likely to be a long, expensive, and unhappy exercise in political car making,” writes the Wall Street Journal. The government seems incapable of hands-off management, and
...

GM Fleshes Out Plans to Close, Idle Plants

(Newser) - In the wake of this morning's bankruptcy filing, GM will permanently close nine more plants and idle three others to trim production and labor costs, the AP reports. Assembly plants in Pontiac, Mich., and Wilmington, Del., will close this year; plants in Spring Hill, Tenn., and Orion, Mich., will shut...

Judge Blesses Chrysler Deal; Bankruptcy Could End Today

(Newser) - Chrysler could shed its bankruptcy protection as soon as today, the Wall Street Journal reports, after Judge Arthur Gonzalez greenlighted the sale of the automaker's assets. Some Chrysler dealers and a group of Indiana pension funds had opposed the deal, which will split Chrysler between Fiat, the UAW, and US...

GM Declares Bankruptcy
 GM Declares Bankruptcy 
Jun 1, 2009 7:38 AM CDT

GM Declares Bankruptcy

Obama plans speech outlining firm's future

(Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times. GM says it owes $172.8 billion and has...

As Rivals Flail, Ford Ramps Up Production

(Newser) - Hoping to profit from its rivals' pain, Ford will ramp up this year's third-quarter production 10% over last year's, in a bid to grab market share from GM and Chrysler as they recover from bankruptcy, the Wall Street Journal reports. It’ll be Ford’s first production bump in nearly...

General Motors: How a Giant Fell
 General Motors: 
 How a Giant Fell 
ANALYSIS
Jun 1, 2009 5:13 AM CDT

General Motors: How a Giant Fell

After decades of dominance, automaker blamed others for downfall

(Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers,...

GM to File Bankruptcy at 8AM, Name Interim Chief

(Newser) - General Motors will appoint Al Koch as chief restructuring officer when the company files for bankruptcy tomorrow at 8am, the Wall Street Journal reports. A managing director at an advisory firm, 67-year-old Koch has attended GM management meetings for months and helped negotiate pre-bankruptcy deals with shareholders and lenders. He...

GM Bondholders OK Debt-for-Equity Plan in Vote

Vote paves way to bankruptcy filing tomorrow morning

(Newser) - GM bondholders voted yesterday to forgive $27 million in debt for equity in the restructured automaker, the Wall Street Journal reports. The move opens the door for a bankruptcy filing tomorrow morning, the New York Times notes. The Treasury Department was in charge of deciding whether enough bondholders backed the...

UAW Overwhelmingly Backs GM Concessions
 UAW Overwhelmingly 
 Backs GM Concessions 
UPDATED
May 29, 2009 12:56 PM CDT

UAW Overwhelmingly Backs GM Concessions

(Newser) - United Auto Workers members have ratified a package of concessions designed to reduce General Motors' labor costs. Union president Ron Gettelfinger said today 74% of GM's production and skilled-trade workers voted in favor. The vote comes before the company's expected Chapter 11 bankruptcy protection filing Monday. Bankruptcy experts say having...

GM, Bondholders Strike Sweetened Deal

(Newser) - Trading of GM shares was briefly halted today after a committee of its bondholders accepted a sweetened version of the debt-for-equity deal, CNBC reports. The deal may not stop a GM bankruptcy, but would smooth the process. Under the deal, bondholders will go along with GM’s plan to sell...

Bondholders Reject GM Deal; Bankruptcy Looms

(Newser) - General Motors says not enough of its bondholders agreed to swap their debt for company stock, meaning the troubled automaker is almost certainly headed for bankruptcy protection. GM has until Monday to finish restructuring or file for bankruptcy. But the company said today that its offer to exchange $27 billion...

GM Bankruptcy a Gold Rush ... for Lawyers

Most complex filing ever will net hundreds of millions in legal fees

(Newser) - GM's expected bankruptcy is bad news for thousands of auto workers, dealers and managers—but a bonanza for the lawyers and consultants orchestrating the most complicated Chapter 11 in history. Bankruptcy specialists who are already billing Chrysler, Lehman Brothers and the US government stand to make hundreds of millions of...

Fire Sale Sweeps Chrysler Dealerships

Prices hit rock bottom before June 9 deadline

(Newser) - Those well-worn "Rock-Bottom Price!" and "Must Go!" stickers are more than sales pitches at nearly 800 dealerships cut loose by Chrysler, which have to sell by June 9 or lose vehicles to auction. The bankrupt automaker refused to buy back some 44,000 cars, reports ABC...

Canadian Auto Workers Approve GM Deal

(Newser) - Canadian Auto Workers members voted 86% in favor of a cost-cutting deal with General Motors Canada as the automaker bids to qualify for more government loans and assure its future in Canada. Union leader Ken Lewenza said his members had no choice but to vote for the deal. "They...

Social Security, Medicare Going Broke? Terrific!

(Newser) - Social Security and Medicare are headed toward disaster, and that’s a good thing, Robert J. Samuelson writes in Newsweek. The programs are expected to run out of money by 2017 and 2037, respectively, and when they do, politicians will have to make painful, necessary reforms. “The counterintuitive lesson:...

Bankruptcy Looms in Leibovitz's Viewfinder

Lighting supplier claims photog has unpaid bills

(Newser) - Annie Leibovitz pulls down $2 million a year from Vanity Fair to shoot Hollywood A-listers, but a lighting company that claims the shutterbug owes it about $200,000 may force her to file for involuntary bankruptcy. Leibovitz is already underwater—with other lawsuits over real estate and unpaid bills, she...

Feds to Send GM Into Bankruptcy

Rejection of survival plan means GM may go into bankruptcy as Chrysler emerges

(Newser) - The Obama administration is preparing to steer General Motors into bankruptcy next week, sources tell the Washington Post. The restructuring plan, which aims to shrink GM and turn it into a globally competitive automaker, will bring the company an extra $30 billion in federal loans, for a total of $45...

Auto Newcomer Will Head Chrysler-Fiat

Former Duracell chief sees 'exciting new era' after bankruptcy

(Newser) - Post-bankruptcy, Chrysler head Robert Nardelli will cede his position to former Duracell chief C. Robert Kidder. Kidder will run the new Chrysler-Fiat alliance being hashed out in court, the Detroit News reports. Kidder is currently lead director on the board of Morgan Stanley—one of Chrysler’s creditors—and his...

Shock, Anger Settle In for Car Dealers

(Newser) - Hundreds of Chrysler dealers are reeling from notices that give them less than a month to close up shop, CBS News reports. "This was a sucker punch for my brother and I," said Rob Engel, who has been selling Chrysler vehicles in New Jersey since the Reagan presidency....

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